Widespread adoption of proptech advances during the pandemic have dramatically increased transaction speed across all CRE property types, with multifamily assets leading the charge. 

Multifamily properties posted the sharpest decline in days-on-market, with average close times declining by 16.75% from Q4 2020 to Q1 2021, according to a new Crexi report. It's a precipitous increase after a three-month freeze at the start of the pandemic, which peaked in Q3 2020 as investors continued cautiously with the wait-and-see approach they adopted in March 2020. But since Q3 2020, the average time on the market has decreased by 13.1% across asset classes, "with even more accelerated adoption emerging in Q1 to Q2 of this year," according to Crexi analysts.

"These increased speeds point to improved market outlook and a heightened adoption of digital tools to close deals in a more timely manner," Crexi notes in a recent analysis of the data.